Hi, I’m Daniel. I handle all the day-to-day operational tasks for Lulapay where I make sure every step of the application process runs smoothly to ensure we are helping customers manage their cash flow, secure stock on time, and grow their businesses.
Daniel Fourie Lulapay Operations Specialist
Lulapay is South Africa’s first Buy Now, Pay Later solution that ensures suppliers get paid for their invoices upfront. This revolutionary Fintech product also aims to improve the cash flow of SMEs in South Africa.
As a whole, Lulapay helps boost the liquidity of SMEs so they can continue playing their role as the backbone of South Africa’s economy.
But how does it work?
In this article, we’ll cover everything you need to know about Lulapay.
This Article Contains:
How Does Lulapay Work?
- Supplier Registration
- Customer Invitation
- Application Assessment
- Settling Invoices
- Repayment Schedule
Let’s begin.
How Does Lulapay Work?
The Lulapay process is quick, simple, and easily completed within 24-48 hours.
Let’s take a look at how it works.
1. Supplier Registration
The first step in the Lulapay process is registering a supplier as a Lulapay Partner.
With one easy link, suppliers can become registered Lulapay Partners. As a Partner, suppliers can offer their customers extended payment terms on their invoices – while being paid upfront.
How long does it take for a supplier to register for Lulapay?
Supplier registration takes about 2 minutes.
2. Customer Invitation
Once a Lulapay Partner has sent their customer’s invoice to Lulapay, the customer receives an invitation to open a Lulapay Facility.
This invitation contains a short online application form where customers provide the following:
- Director Information: This step involves customers providing some personal information about themselves such as their name and cell phone number.
- Business Information: The 2nd section of the application form requires customers to provide basic information about their business. This basic information includes things like the company name and address.
- Financial Information: Finally, Lulapay requires customers to upload 3 months of bank statements. This is fundamental to assessing the overall application.
So, how much time does a customer spend on their application?
The customer application process takes less than 10 minutes.
Once the application is complete, Lulapay takes over and begins with our assessment. This is where the most ingenious part of the process begins.
3. Application Assessment
Having your Lulapay application assessed is nothing like being assessed by a financial institution or bank.
Lulapay’s state-of-the-art Fintech platform runs an initial assessment of a customer’s application.
Our dedicated credit team then concludes the assessment and opens up a customer’s Lulapay Facility.
Customers can qualify for a Lulapay Facility limit of up to R5 million to settle invoices they have with their suppliers.
So, How long does Lulapay take to assess applications?
Assessing a completed application takes less than 24 hours.
Now, the next step is where things get exciting.
4. Settling Invoices
Once customers have a Lulapay Facility, the real beauty of the Lulapay product begins to shine.
Lulapay will send customers a payment request. Once accepted, Lulapay uses the customer’s facility to settle invoices with their supplier.
Suppliers then receive payment for their invoices upfront from Lulapay, and customers maintain their cash flow.
So, when can a supplier expect to get paid?
Immediately!
5. Repayment Schedule
Lulapay customers gain 6 months to spread the cost of each invoice settled through their Lulapay Facility.
This allows customers to use their improved cash flow to grow their business, with the comfort of a settled invoice with their supplier.
So, how can Lulapay help you?
Lulapay: A BNPL Solution For Everyone
Lulapay – South Africa’s first BNPL solution to relieve SMEs’ cash flow troubles offers suppliers immediate access to cash and provides customers with extended payment terms.
This exemplifies Lulapay’s vision of helping SMEs and strengthening the foundation of South Africa’s economy.
Do you have any invoices that Lulapay can help settle?
We’d love to assist! Send us an email at Lulapay@lulalend.co.za and introduce yourself.
